Apart from the US Presidential Election, terror attacks in Mumbai and the escalating tension in the Arab-Israeli conflict, I'm sure the year 2008 will mostly be remembered as the worst year in the financial market history. I think everyone would agree that the most defining moment for 2008 financial turmoil was the collapse of investmant bank Lehman Brothers which created a domino effect that put a the entire global financial system at risk. In fact, right after the collapse of Lehman Brothers, other major financial institutions in the US such as the AIG, Freddie Mac and Fannie Mae, and many others admitted failure. At the stock markets, almost every asset class lost significant value. Many people from all walks of life have had a punishing year financially in 2008. Billionaires like Rupert Murdoch, Laskmi Mittal, the Ambani brothers, Warren Buffet were among others who've lost billions of dollars during the turmoil. Small fish like me, losing some $$$ in my portfolio can also be very painful. Let's just hope for better prospects in 2009, or will there be??
Happy New Year!
